Russian Gas Giant Gazprom To Employ Blockchain For Gas Supply Agreements

The Russian prime minister has recently approved a blockchain initiative that will allow Gazprom, Russia’s state-owned gas giant to do gas supply agreements on the blockchain network, as reported by local finance news outlet Vestifinance, which operates under Russian Television and Radio Broadcasting Company (RTR), on April 4.

Reportedly, the head of Russia’s state-owned gas giant Gazprom,  Alexey Miller met with Russian prime minister Dmitry Medvedev in order to present a report on the development of applications powered by distributed ledger technology (DLT). As per Miller, Gazprom has had done substantive work with Russia’s state-owned bank, Gazprombank to develop a prototype model to enable contracts to be made automatically with the help of blockchain technology.

Miller further explained that the said platform is aimed at enabling data sharing between all the participants of a certain contract, as well as to improve the security of data. He noted that at the initial stage, the project is planned to be tested solely by industrial customers.

The report further suggests that Medvedev endorsed Gazprom’s project and believes in the great prospects of the blockchain technology in the Russian industry and for the activities by companies such as Gazprom. Medvedev also highlighted the importance of the new initiative as it represents a real use-case of blockchain implementation, adding that though the technology is much hyped, it is often not really understood.

Earlier in February, Gazprom’s oil subsidiary Gazprom Neft tested blockchain tech implementation in the supply chain of logistical resources. And in late 2018, Gazprom Neft partnered with a Russian subsidiary of Raiffeisen Bank International to issue a bank guarantee via blockchain.

Read more:Indian Supreme Court Grants Bail To Amit Bhardwaj, Alleged Mastermind Of Bitcoin Ponzi Scheme

Image Source: Pexels.com